The CCI is the third intergovernmental cooperation project between China and Singapore. Since its establishment in 2015, with Chongqing as its operating hub and centered around the theme of “modern interconnectivity and modern service economy”, the initiative focused on the four key areas of financial services, aviation industry, transportation logistics, and information and communication, and brought into full play the effect of the two hubs of Singapore and Chongqing. China and Singapore are committed to building the initiative into a key demonstration project linking major strategies such as the Belt and Road Initiative, the Great Western Development Strategy, and the Yangtze River Economic Zone, and a new highlight of the cooperation between China and Singapore, which will drive the opening up and development of western China and other regions.
A good operating mechanism is an important guarantee for the stability and long-term development of the project. Under the guidance of the Joint Coordinating Council, China’s Ministry of Commerce held many working sessions with Singapore’s Ministry of Trade and Industry and the Singaporean embassy in China. The principle leaders of the Chongqing Municipal Party Committee, the municipal government, and those responsible for subdivisions kept in frequent contact with Singapore through exchanges such as visits, meetings, and joint conferences, which strongly promoted policy innovation and the launch of the project.
With Chinese President Xi Jinping and Singaporean Prime Minister Lee Hsien Loong as witnesses, Chinese State Councilor Yang Jiechi and Singapore’s Deputy Prime Minister Teo Chee Hean signed the “Framework Agreement on the Construction of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI)” in Singapore. With the theme of “Modern Interconnection and Modern Service Economy”, the CCI was fully in line with the vision of the Belt and Road Initiative and is an organic component of that initiative.
While visiting Chongqing, President Xi Jinping said that the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity was launched in Chongqing. It must be implemented with high standards to build an innovative initiative with a high starting point that delivers high performance.
The first meeting of the Joint Implementation Committee of the CCI was held in January 2016. It was an important milestone signifying that the CCI had entered the substantive start-up stage.
The Chongqing Branch of Industrial and Commercial Bank of China issued the world’s first international letter of credit for railway bills of lading, which allowed banks to provide import and export enterprises with letter of credit financing, marking a major breakthrough in railway financing and becoming the first case of institutional innovation of free-trade zones in China.
DBS Bank, together with Bank of China, Bank of Chongqing and other financial institutions, issued the first real estate investment trust (REIT) in Asia and the first real estate investment trust in China’s central and western regions on the Singapore Exchange. The Chongqing SASSEUR was the first real estate investment trust from inland China to achieve an overseas IPO.
The CCI Initiative Southbound Corridor Promotion Meeting was successfully held in Chongqing. Five branches of People’s Bank of China in Chongqing, Guangxi, Guizhou, Gansu and Qinghai signed a memorandum of understanding with the departments in charge of the Southbound Corridor in these five provinces and cities, and jointly published a document of guidance. This cooperation promoted the facilitation of settlement, financing and other financial services for trade activities for the Southbound Corridor and was an example of financial services supporting the real economy.
With Chinese Premier Li Keqiang and Singaporean Prime Minister Lee Hsien Loong as witnesses, the governments of China and Singapore signed the Memorandum of Understanding on the Cooperative Construction of the International Land-Sea Trade Corridor of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.
In November 2018, the First CCI Financial Summit was successfully held in Chongqing with the theme of “Openness · Innovation · Connectivity · Sharing”, the Summit jointly sought strategies for serving the Belt and Road Initiative with financial services, and built a new international platform for financial connectivity between western China and ASEAN countries. Ravi Menon, Managing Director of the Monetary Authority of Singapore, praised the Summit as a new milestone for the China-Singapore Connectivity Initiative.
The Monetary Authority of Singapore and the Chongqing Financial Supervision Bureau jointly signed a memorandum of understanding on deepening financial cooperation between China and Singapore. This is the first memorandum signed by the central financial supervisory institution of a foreign nation and China’s financial supervisory bureau at the provincial level under the CCI.
China-Singapore (Chongqing) Dedicated Channel on International Internet Data officially opened. This channel was China’s first dedicated “point-to-point” international data channel with another country. China and Singapore will rely on this channel for safer data exchange and faster communication.
Chen Min’er, secretary of the Chongqing Municipal Party Committee, led a delegation to Singapore and attended the China (Chongqing)-Singapore Economic and Trade Cooperation Forum, the China-Singapore (Chongqing) Dedicated Channel on International Internet Data Opening Ceremony, and the China-Singapore Financial Institutions Symposium. He also visited the Singapore Exchange.
重庆博恩科技集团旗下子公司WHALET PTE LTD成功获批新加坡金融管理局颁发的汇款牌照(相当于我国国内的第三方支付牌照)，实现重庆企业申请新加坡金融类牌照的“零”突破。
Whalet Pte Ltd, a subsidiary of Chongqing Boen Technology Group, successfully obtained a remittance license issued by the Monetary Authority of Singapore (equivalent to a third-party payment license in China). It was the first Chongqing enterprise to obtain a financial license in Singapore.
China Construction Bank’s 13 branches along the Western Land-Sea New Corridor and four overseas institutions in Southeast Asia jointly signed the Framework Agreement on the Construction of the Western Land-Sea New Corridor for Financial Services, establishing the first service mechanism that offers global coverage and cross-border financial services that was led by the head office and implemented by the branches.
In November 2019, the 2019 CCI Financial Summit was successfully held in Chongqing with the theme of "Financial Connectivity Serving the 'Belt and Road' – Financial Openness Boosting New Land-Sea Corridor". The Summit has become an important platform for exchange and cooperation between Chongqing with Singapore, and even the entire ASEAN financial industry, as well as an important business card for financial opening and development.
The provincial financial supervision bureaus of 12 provinces, autonomous regions and municipalities in western China and the province of Hainan jointly signed The Memorandum of Financial Cooperation under the China-Singapore (Chongqing) Demonstrative Project on Strategic Connectivity to further enhance the radiation effect of the CCI Initiative.
In November 2020, 31 foreign and domestic high-level financial experts and scholars gathered to form the China-Singapore Financial Expert Advisory Group, in order to provide intellectual support for deepening China-Singapore financial cooperation, and jointly promote the sustainable long-term progress and high-quality development of China-Singapore financial cooperation, in the spirit of "meticulous and exquisite craftsmanship".